Crypto whale transaction tracker Whale Alerts recently revealed an intriguing on-chain transaction involving popular meme coins Shiba Inu and Dogecoin alongside the well-known crypto exchange Robinhood. The transaction, which occurred within the past 24 hours, saw the movement of a staggering 800 million DOGE and 2.7 trillion SHIB tokens from the exchange into unknown wallets. The sheer size of these transfers has sparked curiosity, leading to further analysis of on-chain data to determine the motive behind them.
Breaking down the transactions, the DOGE transfer involved the movement of 800 million tokens from Robinhood into an unknown wallet labeled “DEgDVF.” This transfer was split into two transactions, each consisting of 400 million DOGE tokens. At the time of the transfers, each transaction was valued at approximately $50.27 million, totaling around $100.54 million for the entire transfer. As of now, the wallet “DEgDVF” holds a substantial 31 billion DOGE tokens worth $4.17 billion, establishing it as one of the largest DOGE holders in the market.
On the other hand, the SHIB transaction saw 2.7 trillion tokens being sent to address “0x40B3.” At the time of the transfer, these tokens were valued at $48.3 million. Address “0x40B3” also holds a significant amount of SHIB tokens, with 36.6 trillion tokens and a market value of $654 million. The transfer of such massive quantities of DOGE and SHIB tokens has significant implications for the market, especially considering the potential influence these holdings could have on meme coin prices.
Speculation suggests that the unknown addresses receiving these tokens could potentially belong to Robinhood itself, with the transfers possibly being a strategic move into cold storage by the exchange. Regardless of the exact identity of the wallets, the reduction in the supply of DOGE and SHIB tokens on the Robinhood exchange is expected to alleviate selling pressure and contribute to a bullish market sentiment.
At the time of reporting, Dogecoin (DOGE) was trading at $0.1313, reflecting a 3.5% increase over the past 24 hours. Shiba Inu (SHIB) was trading at $0.00001791, showing a more modest 0.5% rise within the same period. Additionally, on-chain data indicates that DOGE whales have been quietly accumulating millions of Dogecoins, hinting at potential market movements in the near future.
Overall, the recent whale transactions involving Dogecoin and Shiba Inu on Robinhood have raised questions about the intentions behind these significant transfers and their impact on the meme coin market. As the crypto market continues to evolve, the movements of large holders like these could shape the future trajectory of these popular cryptocurrencies.